CIS行业 – 汽车和新兴应用推动的持续增长

CIS sector–Sustained growth fueled byautomotive andemergingapplications The global CMOS Image Sensor (CIS) market has emerged from its cyclicaldownturn,posting a robust 6.4% year-on-year rebound to US$23bnin 2024(Yole).This recovery sets the stage for a new phase of sustained, structurally-differentiatedgrowth.While the mobile segment accounts for over 60%ofrevenue,thefuture expansion of the industry should beincreasingly poweredby the accelerating adoption of automotive ADAS and the proliferation of novelapplications in smart glasses and machine vision. China Semiconductors Sector Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Thecompetitive landscape is consolidating with strategic divergence:technologyleaders like Sony(6758 JT,NR)are pushing the boundaries ofperformancewith large pixels and advanced stacking, while scale players likeSamsung(005930 KS, NR)and agile Chinese contenders are driving the high-resolution revolutionand capturing share with compelling value propositions .Future leadership will be defined by the ability to navigate rising memorycostsandsupply chain pressure,whileexcelling in technologyinnovation, strategic focus on high-growth verticals, and relentless costoptimization. JiahaoJiang(852) 39163739JiangJiahao@cmbi.com.hk Maintain BUY onOmniVision(603501 CH),given its solid positioning acrossmobile, auto, and emerging segments. Weexpect further share gains in 2025driven bytheintroduction ofnewproducts. Segmentdynamics:mobile stabilizes,automotive accelerates, andemergingapplicationsrise.The mobile CIS segment,which accountsforover 60% of industry revenue, has stabilized. Future growth will be primarilydrivenbyrising ASPs, fueled by a consumer shift towards premium andGenAI smartphones, despite only modest unit growth and a projection offlattish average number of cameras per device. In contrast, the automotiveCISsegment is poised for double-digit growth through 2025-27E.Thisexpansion is not reliant on vehicle production volumes but is driven by theincreasing penetration of cameras per vehicle, supported by ADAS, in-cabinmonitoring,and ongoing resolution upgrades.Beyond these establishedmarkets, emerging applications like smart glasses and machine vision areunlocking new frontiers. These segments demand specialized sensors withfeatureslike ultra-low power consumption,miniaturization,and globalshutter technology, presenting a high-value growth vector for technologyleaders. Competitivelandscape:consolidation andstrategic divergence.TheCIS market is consolidating around a handfulof leaders who are pullingaheadthrough technological differentiation and strategic focus.Sonymaintains its dominant share, leveraging its technology edge and significantR&D investments to pioneer high-density, three-layer stacked architecturesfor the high-end market. Samsung solidifies its number two position via itsIDM model and a focus on the high-resolution, small-pixel roadmap, thoughits strategicprioritization of HBM may cap CIS share growth.Chines eplayersare the primarydisruptors:OmniVision has demonstrat edremarkableexecution, surpassing Onsemi(ON US, NR)to become theautomotive CIS market leader in2024, while SmartSens(688213 CH, NR)and GalaxyCoreare growing aggressively,rapidly gaining share in themobile and security markets with compelling price-performance offerings .We expect this intense competition to continue, with winners determined bytheir ability to balance continuous innovation,strategic market focus, andrigorous cost control. GlobalCIS market:growth led automotive CIS,whileemerging applications gaining traction The global CIS marketrebounded by6.4% YoY to US$23bn in 2024, driven primarily bygrowth in the mobileand securitysegments.The recovery in mobile CIS wasfueledby:1)a4% YoYincrease inglobal handset shipments, reaching1.4bnunits,and2) risingASPincrease asconsumer demand continued to shift toward premium devices.The securityCIS marketshowedcontinuedrecovery from its 2022 trough,due toasharpcontraction indemand,although itremained below the 2021 peak. Meanwhile,the automotive CISsegment sustained its role as a key growth driver,supported by increasing adoption ofADAS. We expect this growth trajectory to continue, underpinnedby the broader industrytrends toward vehicle electrification and intelligence. For 2025, we project the mobile CIS segment will maintain mid-single-digit percentagegrowth, largely driven by value growth asleading suppliers focus on product iterations andperformanceupgrades. The automotive CIS segment is expected to deliver double-digitpercentage growth, supported byaccelerating "smart driving equality"initiatives launchedearlier this year. We also anticipate a continued recoveryin the security CIS market,reflectinga slowly improving end-demandenvironmentfortraditional surveillanc eapplications. Source:Yole,public info,CMBIGM estimates Source:Yole,Counterpoint,public info,CMBIGM estimates We maintain our v